Real Estate Recession, 4.4 lakh flats in 7 cities without sale in 2017

In the seven major cities of India, 4 lakh 40 thousand houses remained unsold in 2017. In which there are 1.5 lakh flats in Delhi NCR alone for which no buyer was found. This information is given by the property consultant JLL India.

Due to the decrease in the sale of houses, it is believed that for some time in the coming days, property prices maybe stagnant if not decreased. JLL's latest survey said that in 2017, about 4,40,000 residential units were unsold in 7 major cities of the country.

The cities in which these houses are not sold are Mumbai, Delhi-NCR, Chennai, Hyderabad, Pune, Bengaluru and Kolkata. It has been stated in the survey that seven cities have non-selling houses in which about 347,000 flats are ready for possesion and to move in.

In the cities where the highest number of flats have been unsold, Delhi NCR is at the forefront. There are 150654 flats ready for possesion, but no buyers. After this, 20 per cent of the flats in Chennai are ready but yet to be sold, while Kolkata has the lowest number of homes unsold. that numbers to 26000 houses that are not sold here There are 86,000 in Mumbai, 70000 in Bangalore and 36,000 unsold flats in Pune.

On the decline of the sale of houses, JLL's country head Ramesh Nair told Live Mint that in the last few years, Real State has seen laws like RERA, Demonitisationand GST. This has led to the recession in real estate.